Weekly Review

JAY SWAMINARAYAN

We said last week   “   Nifty will be traded with negative bias below 7550 and it would be declines towards 7460 – 7370. Other hand above 7550 Nifty will be traded with positive bias and it would be tries to touch 7640 – 7730.   “   We suggested Strategy:   [1]  Open short below 7510 with stop loss 7600 for targets 7460 – 7400 – 7370 - 7310.   [2]  Open long above 7510 with stop loss 7400 for targets  7550 – 7600 – 7640 – 7690.

Nifty opened positive and traded expected. In first half Nifty registered low of 7531.60 then gave smart rally above 7730 and achieved our both upside targets. Nifty traded with strength all the week and registered high of 7758.00 in second half. Nifty gained massive 242 points ( + 3.23 %) and closed in green.                       

                               

                                 For This Week

We expect, Nifty will be traded with negative bias below 7730 and it would be declines towards 7640 – 7550. Other hand above 7730 Nifty will be traded with positive bias and it would be tries to touch 7820 – 7910.  Nifty have 1^st Sup. at 7690 – 7640 & 2^nd Sup. at 7600 – 7550 and Nifty find 1^st Res. at 7760 – 7820 & 2^nd Res. At 7850 – 7910.

We expect volatility to remain in the market on account of Union Budget in this week. Hence be cautious and trade carefully.

Strategy:

[1]  Open short below 7730 with stop loss 7820 for targets 7690 – 7640 – 7600 - 7550. 

            

                                     

[2]  Open long above 7730 with stop loss 7640 for targets  7760 – 7820 – 7850 – 7910.

NIFTY :: OP = 7534.05 , HI = 7758.00 , LO = 7531.60 , CL = 7751.60.